Inflation in Kazakhstan
Consumer price inflation in Kazakhstan averaged 8.2% in the ten years to 2022, slightly above the Eastern Europe regional average of 7.7%. The inflation rate for 2022 was 15.0%. For more inflation information, visit our dedicated page.
Kazakhstan Inflation Chart
Kazakhstan Inflation Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 6.0 | 5.3 | 6.8 | 8.0 | 15.0 |
Inflation (CPI, ann. var. %, eop) | 5.3 | 5.4 | 7.4 | 8.5 | 20.3 |
Inflation drops to the joint-lowest level since January 2022 in April
Inflation eased to 8.7% in April, following March’s 9.1%, marking an over two-year low. According to the preliminary release, the moderation was chiefly driven by softer price pressures for food and non-food products. Conversely, growth in services prices accelerated. Accordingly, the trend pointed down, with annual average inflation falling to 11.3% in April (March: 11.9%). Finally, consumer prices rose 0.56% in April over the previous month, below March's 0.69% rise. April's result marked the weakest reading since June 2023.
Our Consensus is for disinflation to continue through Q4 2025. The delayed impact of tight monetary policy, receding food price pressures, slowing domestic demand and a high base of comparison will limit price growth this year. However, the pace of disinflation will slow and inflation is expected to remain above the National Bank of Kazakhstan (NBK)’s 5.0% medium-term target until 2027.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Kazakhstani inflation projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Kazakhstani inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Kazakhstani inflation projections.
Want to get access to the full dataset of Kazakhstani inflation forecasts? Send an email to info@focus-economics.com.
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